Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
Business
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
Business
Business
Saudi PIF launches three initiatives to spur private sector growth
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced three key initiatives aimed...
- Local Content Growth Program, called MUSAHAMA, seeks to increase the share of local content spend in PIF's domestic portfolio to 60 percent by the end of 2025.
- The Private Sector Hub initiatve is a dedicated channel that is now live and will share supplier and investment opportunities with the private sector.
Business
Meta to slash 10,000 jobs
The firm also announced 5,000 other roles would remain unfilled.
- Meta had suffered a rough 2022 amid a souring economic climate, which forced advertisers to cut back on marketing.
- The company is also under pressure for making a huge gamble on the metaverse, the world of virtual reality.
Business
Bahri posts $277m net profit
The profit increased by more than 440 percent compared to 2021.
- The company attributed the increase in net profit to the increase in revenues—which rose by more than 60 percent to SAR 8.58 billion.
- In the oil transportation sector, Bahri's revenues have increased by SAR 2.01 billion, the company said in a bourse filing.
Business
Mashreq facilitated $15.5bn in sustainable finance since 2021: Official
Dubai, UAE -- Mashreq Bank, the oldest privately-owned bank in the UAE, has facilitated $15.5 billion in sustainable finance, Joe...
- The finance was facilitated between Jan 2021 and Dec 2022 in addition to wastewater treatment projects worth $1.36 billion.
- Mashreq has said it aims to increase the amount of sustainable finance that it facilitates to reach $30 billion by 2030.
Business
Overuse of technology may lead to polarization: Expert
Technology, however, can be a powerful tool to deal with global challenges such as climate change, poverty, and inequality, says...
- Technology, however, can be a powerful tool to deal with global challenges such as climate change, poverty, and inequality, says MIT's Senseable City Lab director Carlo Ratti.
- It's up to us to ensure that we use technology in a responsible and ethical way to create a better future for all, adds Ratti, the founder of CRA-Carlo Ratti Association
Geostrategy
Grain deal talks ongoing after Russian proposal, says UN
Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day...
- Russia had agreed to extend the deal which is due to expire on Saturday, for 60 days.
- Ukraine said that "contradicts" the original agreement but did not reject the proposal.
Business
UAE issues license for electric vertical takeoff and landing aircraft
DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation...
- The license aims at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology.
- It also aims at using innovation to redefine the logistics sector's future and its impact on the environment and climate.
Interview
‘Morocco economy robust, 80% of exports manufactured products’
The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and...
- The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and Trade Minister Ryad Mezzour tells TRENDS.
- Moroccan automotive industry produced 700,00 cars in 2022 and we expect the production to hit 1 million in the next three years, adds Mezzour during the interview
British crypto lender suffers $200 million hack
Crypto companies were taking out TV adverts, sponsoring sports teams and touting their technology as world-changing as they sought new...
- PeckShield pointed out the hack to British lender Euler on Twitter, posting details of transactions it said showed losses of $197 million
- The hack on Euler is the most substantial this year, according to crypto critic Molly White, who chronicles hacks on her blog Web3 is Going Just Great
Volkswagen to build new battery plant in Canada
Volkswagen is also setting up a series of battery plants in Europe - one will open in 2023 in Sweden,...
- The group's first North American battery factory will be located in St. Thomas, Ontario where production will start in 2027
- Under its different brands, Volkswagen plans to introduce more than 25 different new electric models by 2030 in US
Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
Business
Company News
Ooredoo, QNBN sign agreement
Business
Latest News
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
Business
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Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
- The remarks assume significance in light of the absence of trade exchanges between the two countries, despite the significant scale of their foreign trade
- In 2022, Saudi Arabia's foreign trade reached approximately $601.1 billion, while Iran's trade volume amounted to about $132.6 billion
World Economic Forum
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...
- The Prime Minister will hold talks with EU chief Ursula von der Leyen
- Li and Zelensky will be among 60 heads of state and government attending Davos
Business
Microsoft becomes world’s largest company
The tech giant's market value has surged by over $1 trillion.
- The company, which along with Nvidia and Amazon placed a significant emphasis on AI, has experienced huge market surges over the past year
- Microsoft's, according to LSEG data, market cap stood at $2.887 trillion, its highest ever, while Apple's market cap was $2.875 trillion